Tag Archives: Morris County Chapter 7 Bankruptcy Attorney

Our Morris County Bankruptcy Attorneys Explain What To Do If a Creditor Harasses You While You Are in Bankruptcy

When you file for bankruptcy, unless you have had one or more prior cases pending and dismissed within the past year, an automatic stay goes into effect immediately upon filing that prevents most creditors from continuing collection activities while the case is pending. They cannot proceed with foreclosure, repossession, wage garnishment or lawsuits, and they are not allowed to contact you by phone, email or mail. The automatic stay does not stop criminal proceedings, child support actions, IRS audits or payroll deductions for retirement loans, however. In order to resume collection efforts while the bankruptcy case is pending, a creditor must obtain bankruptcy court permission by seeking an order lifting the stay. Creditors who violate the automatic stay may be subject to sanctions by the court. If a creditor keeps contacting you while your Chapter 7 or Chapter 13 case is pending or refuses to stop other prohibited collection activities,…
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Assuming a Car Lease

Chapter 7 debtors who have an unexpired car lease when they file for bankruptcy can either assume or reject the lease. Assuming the lease means the debtor enters into a legal contract to keep the vehicle and continue making payments for it. Assuming a car lease is sometimes a good idea, but other times it is not. An experienced Morris County Chapter 7 bankruptcy attorney can help you evaluate your car lease agreement and present financial situation to determine whether lease assumption is right for you. Reasons to Assume a Car Lease In certain situations, assuming a car lease may benefit a debtor in the long run. Here are some reasons a Chapter 7 debtor may want to sign a lease assumption agreement: Low lease payments — obtaining a car loan with a good interest rate and low payments might be difficult right after bankruptcy No delinquency — if you…
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Paperwork Is the Time-Consuming Part of Chapter 7

In a Chapter 7 bankruptcy, the filing party turns in his assets to the bankruptcy court. The court disperses all of his assets to creditors, and the filing party gets nearly a clean bill of credit health. Under a Chapter 7 bankruptcy, there is no repayment plan for the filing party to pay back debts. The debts are forgiven in exchange for the liquidation of assets. Those filing for Chapter 7 bankruptcy must undergo credit counseling from an approved credit counseling agency. Such a credit counseling course helps the filer to obtain credit more wisely and to spend money more carefully in the future. Bankruptcy Trustees When filing for Chapter 7 bankruptcy, the filing party must submit all assets and debts to the bankruptcy trustee assigned to his or her case. The filing party must also appear before the bankruptcy trustee to answer questions about his or her debts, so…
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